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Bernard Lawrence Madoff (/ ˈ m eɪ d ɔː f / MAY-dawf; [2] April 29, 1938 – April 14, 2021) was an American financial criminal and financier who was the admitted mastermind of the largest known Ponzi scheme in history, worth an estimated $65 billion. [3] [4] He was at one time chairman of the Nasdaq stock exchange. [5]
The Madoff investment scandal was a major case of stock and securities fraud discovered in late 2008. [1] In December of that year, Bernie Madoff, the former Nasdaq chairman and founder of the Wall Street firm Bernard L. Madoff Investment Securities LLC, admitted that the wealth management arm of his business was an elaborate multi-billion-dollar Ponzi scheme.
In the third and the biggest Philippine Ponzi scam (involving $150 million and $250 million, respectively), criminal charges, based on a suit filed by 21,000 complainants, were filed in June 2008, with the Department of Justice, against Performance Investments Products Corp (PIPC) officers and incorporators for violation of the Securities ...
A US government fund to help compensate thousands of people scammed by the late Bernie Madoff in the biggest Ponzi scheme in history is making its ... each losing less than $500,000 in the scam.
Bernard Madoff, Bernard L. Madoff Investment Securities LLC Ponzi Scheme No list of the biggest money scams of all time would be complete without Bernie Madoff, who recently passed away at the age ...
The recent death of Bernie Madoff has everyone talking again about money schemes. As the orchestrator of the largest Ponzi scheme in history, Madoff wrote the book on how to get by on the sly.
A Ponzi scheme (/ ˈ p ɒ n z i /, Italian:) is a form of fraud that lures investors and pays profits to earlier investors with funds from more recent investors. [1]
[8] [14] The Ponzi scheme was the largest financial fraud in American history prior to Bernie Madoff's being uncovered. [ 1 ] In February 1993, the Securities and Exchange Commission charged that the company, while fraudulently reporting a profit of $13 million ($30,000,000 in current dollar terms) for the four years ended June 30, 1991 ...